Towngas green hydrogen projects gain DBS backing under MOU

DBS Hong Kong will provide a loan to fund the projects.

DBS Hong Kong and The Hong Kong and China Gas Company (Towngas) have signed a memorandum of understanding (MOU) to fund green hydrogen projects.

DBS Hong Kong will provide Towngas a loan, with the proceeds allocated to green hydrogen projects undertaken by Towngas that meet the standards of the Hong Kong Monetary Authority’s sustainable finance taxonomy.

Under the MOU, Towngas will commission an independent third-party certification body to verify the lifecycle carbon emissions of the green hydrogen involved in the project and its downstream applications across the value chain.

This marks the first Hong Kong loan dedicated to supporting local green hydrogen projects, DBS Hong Kong said.

Towngas is participating in various hydrogen fuel trial projects in Hong Kong, including the city’s first green hydrogen production project at the South East New Territories Landfill Extension in Tseung Kwan O.